Unless you’ve been living in a cave for the past decade or you’re Amish, there’s a good chance you know at least a little bit about the phenomenon that is cryptocurrency. Digital money has been all the rage for the last couple of years, especially ever since Bitcoin became big and markets like Ethereum started using scripts to help people turn mined data into profit.

Today, we wanted to look into the NewYorkCoin (NYC) – it’s very similar to the Bitcoin, but it has its own story and its differences when compared to other popular cryptocurrencies.

The History of NewYorkCoin (NYC)

NYC has a pretty intriguing story behind it. The original developer who created the NewYorkCoin on github vanished right after the cryptocurrency’s launch on March 6, 2014, while the github account and original code for the NYC hasn’t been opened once since its creation.

As it happens, a script miner from the New York Coin Foundation came across the NewYorkCoin in 2014, however, he only found a dead original http://nycoin.net/ website, incorrect published data about the coin, an email address that sent no responses to incoming emails, and more. This is where the New York Coin Foundation was created with the goal of launching the NYC and to maintain a smooth block explorer and synced wallets.

Decentralized banking fans and early-stage cryptocurrency miners joined forces and created the very first NYC supporters group, which began on the bitcointalk internet forum. All the basic infoabout the NYC is still locked on the original github account, along with its untouched code. Still, the original “newyorkc” code is out there for the public to see – and it’s open-source.

Specifications

Since its launch in March 2014, the NewYorkCoin was and still is one of the fastest cryptocurrencies when it comes to confirmation. While Bitcoin can take anywhere from 2 to 100 minutes and Litecoin takes roughly 5-10 minutes to confirm a transaction, the NYC’s block confirmation lasts only 30 seconds.

The maximum amount of coins one person can hold is 100 billion. As far as block rewards go, here’s how well the NewYorkCoins fares in relation to blocks mined:

· 0-2 blocks: 88 NYC and 907,477 NYC, respectively

· 2-100,000 blocks: 1-1,000,000 NYC

· 100,001-200,000 blocks: 1-500,000 NYC

· 200,001-300,000 blocks: 1-250,000 NYC

· 300,001-400,000 blocks: 1-125,000 NYC

· 400,001-500,000 blocks: 1-62,500 NYC

· 500,001-600,000 blocks: 1-31,250 NYC

· 600,001+ blocks: 10,000 NYC

Another good thing about the NewYorkCoin is that there was no pre-mining prior to the launch – every last original coin was fairly distributed to users with NYC wallets.

Finally, it’s also worth mentioning that the NYC was apparently specifically designed for New Yorkers. Although you can mine and pay with the NewYorkCoin no matter where you’re from, the website http://nycoin.net/claims that this cryptocurrency is ideally designed for a New Yorker. This makes sense once you consider how short the block verification for this cryptocurrency is, which makes it perfect for daily use – especially in a fast paced city such as New York.

Conclusion

Bottom line, the NewYorkCoin is by far among the most efficient cryptocurrencies out there. It’s easy to farm and it doesn’t take long for any transaction you make with it to get verified. Once you consider this, it’s only natural that its price isn’t the highest, as it currently sits at $0.000016 – however, we believe that there are only great things in store for the NYC.